FG records N66.51bn deficit in October – CBN

The Federal Government’s collected Revenue has fallen by 38.4 per cent in the month October, just as it recorded a deficit of N66.51bn in the period under review.

The Central Bank of Nigeria made the disclosure in its ‘Economic Report October 2018’ released on Monday.

In the report, the apex regulator stated, “Federally-collected revenue (gross) was estimated at N682.06bn in October 2018. This was below the monthly budget estimate and receipts in the preceding month by 38.4 per cent and 18.0 per cent, respectively.

“Oil and non-oil receipts (gross), at N422.13bn and N259.93bn in the review period, constituted 61.9 per cent and 38.1 per cent of total revenue, respectively.

“Federal Government retained revenue and estimated expenditure for October 2018 were N280.96bn and N347.48bn, respectively, resulting in an estimated deficit of N66.51bn.”

According to the report, domestic crude oil production was estimated at 1.88 mbd or 58.3 million barrels (mb) in October 2018.

Crude oil export was estimated at 1.39 mbd or 43.1 mb.

The average spot price of Nigeria’s reference crude oil, the Bonny Light (37° API), rose by 2.9 per cent to US$82.82 per barrel in October 2018.

“The end-period headline inflation, on year-on-year and twelve-month moving average bases, were 11.26 per cent and 12.80 per cent, respectively, in October 2018, compared with 11.28 per cent and 13.16 per cent, respectively, in September 2018,” it added.

According to the report, the average exchange rate of the naira at the inter-bank, the BDC segment and the “investors” and “exporters” window were N306.47/$, N360.38/$ and N364.16/$, respectively, in October 2018. The gross external reserves was $40.61bn at end-October 2018, compared with $42.61bn at end-September 2018.